AmBank profits up by 12.6% on net loans growth

The AmBank group recorded a profit of US$224 million for nine months ending 31 March. The after tax and minority interest figure translates to a 12.6 percent growth over the previous corresponding period.

"The Group's profit results were driven by higher revenues of 23.8 percent and better-than-expected net loans growth of 14.1 percent YoY, the latter in part due to strong growth in syndication and bridging finance loans. The strong 9MFY10 performance reflects AHB's sound and diversified business fundamentals, a disciplined approach to managing risks, and a strong focus on meeting banking customer expectations," commented Mr Cheah Tek Kuang, Group CEO and Managing Director of AHB.

Before tax, profit at US$311 million rose 13.1 percent over the corresponding period in 2009. Underlying contributions from all business divisions were sound, in spite of lower recoveries, impairment losses and higher general loan loss allowances.